Top Nav

Consumer Confidence falls unexpectedly in May

NEW YORK (AP) — A monthly survey shows consumers are losing faith that the economy will keep improving.

The Conference Board's Consumer Confidence Index fell to 60.8 from a revised 66 in April on worries about jobs and inflation for groceries and gasoline. Economists had expected an increase to 67.

Results from the survey have been choppy in recent months, rising in April but falling in March. But before that the measure had risen for five consecutive months and hit a three-year high in February.

The index is still far from the reading of 90 that indicates a healthy economy. It hasn't approached that level since the recession began in December 2007.

The Conference Board says dimmer expectations of business and job conditions six months from now were behind the decline.

(Copyright 2011 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)